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REGISTERED NUMBER: 14262444 (England and Wales)















Financial Statements for the Period 28 July 2022 to 31 July 2023

for

GRASTIM UK LTD

GRASTIM UK LTD (REGISTERED NUMBER: 14262444)






Contents of the Financial Statements
FOR THE PERIOD 28 JULY 2022 TO 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GRASTIM UK LTD

Company Information
FOR THE PERIOD 28 JULY 2022 TO 31 JULY 2023







DIRECTORS: B Pavolini
A Vajatica
C Mattera





REGISTERED OFFICE: 38 Craven Street
London
WC2N 5NG





REGISTERED NUMBER: 14262444 (England and Wales)





AUDITORS: Belluzzo Audit Limited
Chartered Accountants and Statutory Auditors
38 Craven Street
London
WC2N 5NG

GRASTIM UK LTD (REGISTERED NUMBER: 14262444)

Balance Sheet
31 JULY 2023

Notes £    £   
FIXED ASSETS
Tangible assets 4 1,170,273

CURRENT ASSETS
Debtors 5 401,183
Cash at bank and in hand 669,492
1,070,675
CREDITORS
Amounts falling due within one year 6 1,296,245
NET CURRENT LIABILITIES (225,570 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

944,703

CREDITORS
Amounts falling due after more than one year 7 916,667
NET ASSETS 28,036

CAPITAL AND RESERVES
Called up share capital 100
Retained earnings 27,936
28,036

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2024 and were signed on its behalf by:





B Pavolini - Director


GRASTIM UK LTD (REGISTERED NUMBER: 14262444)

Notes to the Financial Statements
FOR THE PERIOD 28 JULY 2022 TO 31 JULY 2023

1. STATUTORY INFORMATION

Grastim UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenues from rendering of services are recognized when it is probable that an economic benefit associated with the transaction will flow to the entity and the amount of revenue can be measured reliably.

Tangible fixed assets
The installation of the power production plant is presently in progress, and depreciation will commence in the accounting period during which the asset becomes available for use.

GRASTIM UK LTD (REGISTERED NUMBER: 14262444)

Notes to the Financial Statements - continued
FOR THE PERIOD 28 JULY 2022 TO 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
An entity recognises a financial asset or a financial liability only when the entity becomes a party to the contractual provisions of the instrument.

Financial assets

The company's financial assets comprise basic financial instruments, being trade and other receivables, amounts owed by group undertakings, cash and bank balances.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of no more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months or less from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Trade, other receivable and amounts owed by group undertakings are measured at transaction price less any impairment. Any impairment loss is recognised in the Profit and Loss.
Basic debt instruments and commitments to receive a loan and to make a loan to another entity that meet the conditions in FRS 102:11.8(c) can, after initial recognition, be measured at fair value through profit or loss, provided that this results in more relevant information.

Financial assets are derecognised when contractual rights to the cash flows from the financial asset expires or are settled, or when substantially all the risks and rewards of ownership have been transferred.

Financial liabilities

The company's financial liabilities comprise of basic financial liabilities, including trade and other payables. These are initially recognised at transaction price.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled, or expires.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

GRASTIM UK LTD (REGISTERED NUMBER: 14262444)

Notes to the Financial Statements - continued
FOR THE PERIOD 28 JULY 2022 TO 31 JULY 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 28 July 2022 1,132,113
Reclassification/transfer 38,160
At 31 July 2023 1,170,273
NET BOOK VALUE
At 31 July 2023 1,170,273
At 27 July 2022 1,132,113

The installation of the power production plant is presently in progress, and depreciation will commence in the accounting period during which the asset becomes available for use.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 240,783
Other debtors 160,400
401,183

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 781,833
Amounts owed to group undertakings 363,848
Other creditors 150,564
1,296,245

In the reporting period, the company initiated two long-term loan agreements with the parent company. These loans are scheduled for repayment in instalments commencing from March 2024 and December 2024, respectively. Interest will accrue on both loan balances starting from March 2024.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
£   
Amounts owed to group undertakings 916,667

In the reporting period, the company initiated two long-term loan agreements with the parent company. These loans are scheduled for repayment in instalments commencing from March 2024 and December 2024, respectively. Interest will accrue on both loan balances starting from March 2024.

GRASTIM UK LTD (REGISTERED NUMBER: 14262444)

Notes to the Financial Statements - continued
FOR THE PERIOD 28 JULY 2022 TO 31 JULY 2023

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Tony Castagnetti (Senior Statutory Auditor)
for and on behalf of Belluzzo Audit Limited

9. CONTINGENT LIABILITIES

During the reporting period, a potential obligation for decommissioning costs emerged as a result of a new agreement undertaken by the company. This agreement pertains to the installation of a new power production plant and the provision of power supply to their client. Upon the conclusion of the agreement, the terms stipulate that the customer possesses the right to either acquire the production plant or request its decommissioning and disposal.

10. OTHER FINANCIAL COMMITMENTS

The total of future minimum payments under non-cancellable operating leases are:

a) not later than one year: £ 11,500
b) later than one year: nil

11. POST BALANCE SHEET EVENTS

After the conclusion of the fiscal year:

1) amendments were made to the 12-installment repayment terms of the loan agreement with the parent company. Consequently, the initial repayment date has been adjusted to March 2025 instead of March 2024.

2) The company has executed an additional loan agreement amounting to £1,200,000 with the parent company. This loan is due for payment by March 2025 and carries an annual interest rate of 0.5% above the Bank of England's rate, with a minimum interest rate set at 5.75%.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is not known.

The immediate parent company is Grastim JV Srl, a company registered in Italy with legal address in Napoli, via Nuova Marina, 5 - Italy.

The ultimate parent company is Graded Holding Srl, a company incorporated in Italy with legal address in Napoli, Via Gen Girolamo Cala Ulloa, 38 - Italy.

The smallest and largest group of undertakings for which consolidated accounts have been drawn up is that headed by Graded Holding Srl and copies are available at its registered office in Italy.